The president and chief operating officer of Cadim, the real estate arm of the Caisse de Dépôt et Placement du Québec, Canada's largest pension fund management firm, had recently been approached with several interesting multimillion-dollar investment opportunities in India and China. Although Cadim was still deciding whether to invest in either country (see Cadim: The China and India Real Estate Market Entry Decisions case), if the company chose to do so, it wanted suitable partners and deals lined up. Each deal had its pros and cons, but the president knew all too well that the wrong combination of partner and deal could have dire consequences for Cadim's profits and the team's reputation. The case analysis involves risk assessment, partner assessment, cash flow analysis and portfolio fit analysis.